Lady Luck is fickle when it comes to money. You may feel like you have bad luck with finances when things come up such as car repairs, a leaky roof, or a broken phone.

But, once in a while, Lady Luck smiles upon you and gives you the wonderful gift of money. Your surprise influx of cash could be from winning the lottery, an inheritance from a relative, a bonus at work, or finding a priceless piece of art in your attic.

If you find yourself in a lucky situation and have some extra dough, don’t blow it all in one place. It could lead to a greener future if you use it right. Here are some tips to make good use of your new-found fortune.

1. Take a Minute and Think

Getting a large amount of money is exciting. You’re adrenaline starts pumping, and you think about all the fun and extravagant ways you can spend it. Try not to make impulse decisions. Take some time to relax and make a plan. If you’re somewhere like a casino or a store, get out of there and give yourself time to think. Especially if you’re receiving a life-changing amount of money, there will be conditions and consequences you need to know about.

Many lottery winners end up going bankrupt because they go on a crazy spending spree. Don’t let that happen to you! After the initial rush is gone, start making a plan and, if necessary, get in touch with financial professionals and attorneys to help guide you.

2. Pay Off Your Debts

Whether your sudden flow of cash is a small gift or a life-changing amount of money, it’s a good idea to use some of it towards your debts. Credit cards, car payments, a mortgage, and eliminating debt should always be a priority.

If you can pay off all your debt, that’s great! If you only have enough to pay a small chunk of it, that’s wonderful too! It means paying less interest in the long run and more money in your pocket.

3. Make Needed Repairs and Purchases

It might not be super exciting, but using your winnings to make important repairs or essential purchases is a smart choice. Does your roof need to be replaced? It’s an investment in your home that is worth making. Do you need some dental work done? Take care of it now before it gets worse.

When making decisions on large purchases, be sure you research the best deal and only buy things you need. For example, if you need a new car, skip the Ferrari and buy something more suitable to your lifestyle.

4. Treat Yo' Self (Within Reason)

After you’ve paid debts and caught up with other financial obligations, feel free to buy yourself something nice. Treat yourself to a nice dinner, get a new phone, or go on a vacation. Just be sure you’ve improved your current financial situation before going on a spending spree.

Having extra money doesn’t mean you have to spend it right away. Use a small portion on yourself or loved ones and make a plan for the rest, like using it to grow your overall wealth.

5. Invest It and Get a Bigger Return

The rich (can) get richer through the world of investing, and you could join them. Investing is the practice of putting your money to work and making it grow.

Investments come in many shapes and sizes, and you’ll need to find the right choices for your situation and newly acquired wealth. Putting the money into an average savings account can earn a little extra, but if you don’t have an immediate need for the money, why not make an investment with a larger payout? Do some research on what kind of investing would work best for you, then follow through and grow your wealth.

If you've found yourself with a substantial amount of extra money, Pioneer has two great options to make it grow. First, consider opening a Money Market Savings Account and earn higher dividends because of your higher balance. Second, you could invest your money into a Pioneer Term Certificate, and after a time period of your choosing, get a larger payout.

Want to take your new money and start investing today? Open a Term Certificate today by visiting a local branch, applying online, or use the myPioneer Personal Assistant app.

Open a Term Certificate Now!